Newmont to address Akyem dev challenges

Newmont Ghana Gold’s Akyem project is to develop a framework for its Akyem Development Foundation (NADeF) to help address the various developmental challenges in communities affected by its activities. 

The Foundation will support both infrastructural and non-infrastructural projects in some selected communities, upon the approval of the District Assembly. Mr. Kim Hackney, Regional Project Director of Newmont was speaking at the signing of the Akyem Social Responsible Forum (SRF) agreement in New Abirem of the Birim North District of the Eastern Region.

He explained that SRF’s goal is targetted at drafting and implementing a local employment agreement that would provide a framework for communities in providing employment to the project-affected communities.

Mr. Hackney assured that the foundation will help with the funding of chosen development projects and educational scholarship schemes. “Newmont’s corporate social responsibility value is to engage and collaborate with communities and the relevant government agencies, working proactively together to mitigate projects impacts and create opportunities in the project-affected communities.

“The SRF was formed to be more actively engaged in the developmental planning of community projects, working with a tripartite team consisting of Newmont, the communities, and Birim North District Assembly to ensure the rapid socio-economic development of this area,” he added.

Newmont’s Ahafo Mine and Akyem Project together have approximately 17.4 million equity ounces of proven and probable gold reserves -- representing about 20 percent of Newmont’s global equity reserves of 86.5 million ounces of gold as at the end of the 2008.

The board of Newmont Mining Corporation last year approved funding for its estimated 7.2 million ounces equity reserves, located in Akyem, expected to start in early 2013.

The project has about 15 years mining life and is expected to produce between 480,000 and 550,000 ounces of gold annually for the first five years of its operation.